Sui Surpasses $1 Billion in TVL, Surpasses Polygon, Optimism

Grand Cayman, Cayman Islands, October 1, 2024, Chainwire

The Move-based protocol has become the 8th largest blockchain by Total Value Locked amid USDC integration and a thriving developer ecosystem.

Sui, a layer 1 blockchain with industry-leading performance and infinite horizontal scaling, has surpassed $1 billion in total value locked (TVL) based on public data from DeFiLlama. Leveraging the network’s public goods, such as DeepBook, an innovative central limit order book, Sui’s TVL has grown over 2700% in the past 12 months.

Data from DefLlama shows the rapid development of Sui’s DeFi TVL.

Created by the team behind Meta’s Diem crypto project, the leading layer 1 blockchain is now the 8th largest chain as measured by TVL after adding more value to the ecosystem than existing protocols such as Polygon and Optimism. This latest achievement signals surging demand powering the entire Sui DeFi ecosystem, including the network’s leading lending protocols NAVI, Suilend, and Scallop Lend, and decentralized exchanges Cetus and Aftermath.

With over $400 million in stablecoins and a top 10 weekly DEX trading volume, Sui recently joined Circle on its exclusive shortlist of non-EVM chains to natively support USDC stablecoins and Cross-Chain Transfer Protocol (CCTP). announced that they had joined. network.

“Sui is the fastest growing DeFi ecosystem and is thriving!” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, which developed Sui Network. “Over the past year, Sui has attracted an influx of builders who have enabled them to create applications that cannot be built on any other blockchain.”

Sui has rapidly grown its presence in various fields since its mainnet launch. Sui, a secure and scalable platform for building the future of intelligent assets, has already become the premier destination for application builders in gaming, DeFi, memecoins, as well as real-world applications such as 3D printing and tokenized securities. Last September, Mysten Labs unveiled the SuiPlay0X1 portable gaming device. The device sets a new standard for both the Web3 and traditional gaming industries by allowing users to natively own their assets on Sui and access exclusive in-game rewards.

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